"Whether the mask is labeled fascism, democracy, or dictatorship of the proletariat, our great adversary remains the apparatus— the bureaucracy, the police, the military-- the one that calls itself our protector and makes us its slaves. No matter what the circumstances, the worst betrayal will always be to subordinate ourselves to this apparatus and to trample underfoot, in its service, all human values in ourselves and in others.” Simone Weil, Reflections on War, 1933

25 June 2015

The European Union, Greece, the Will To Power, and the Viceroys of Monetary Repression

"Talk to IMF people and they will go on about the impossibility of dealing with Syriza, their annoyance at the grandstanding, and so on. But we’re not in high school here. And right now it’s the creditors, much more than the Greeks, who keep moving the goalposts. So what is happening? Is the goal to break Syriza? Is it to force Greece into a presumably disastrous default, to encourage the others?

At this point it’s time to stop talking about 'Graccident'; if Grexit happens it will be because the creditors, or at least the IMF, wanted it to happen."

This is no longer about the Greek debt. This is now about a small group of technocrats dictating domestic policy, and alas, enforced 'obedience' from a distant a central authority, using the power of monetary rather than military control. It is painfully obvious.

So where are the economists? Where are the analysts who pretend to authority on monetary matters, but who in fact blow with the wind from one incompatible position and crackpot theory to another, wherever their advantage may be?

Why are they not pointing out that monetary and public policy union over a large and diverse geographic area without 'fiscal transfers' between local economies, as exists in the US between the states for example, is inherently unstable, if not barking mad?

You cannot have one distinct part of a region setting monetary and fiscal policy to suit their own needs, and expect the rest of a vast area with varying economic situations, demographics, and cycles to dance to their indifferent tune. We know this.

This is not some theory. This is hard experience, and one of the great issues of the 19th century in the US where New York Banks set monetary policy and drove the economies of the rest of the nation, particularly the agricultural areas of the West, into near rebellion through their callous disregard.

What are these people thinking? This is not a political and economic union. This is neo-colonialism. This is degenerating into a despicable parody of the white man's burden. And they know this.

So what is the purpose of their experiment? What are they trying to prove? That they are superior, apart from the power that they obtain solely from their privileged positions?

I was just listening to Larry Summers, speaking condescendingly (in his mind I am sure it was compassionately) about not trying to change the Greeks and countries like them culturally, but instead bringing them along gradually while offering 'competent administrative assistance.'

Are you kidding me? From the serial destroyers of wealth at the EU and the Fed? What do these fellows imagine themselves to be, the new Viceroys of India?

Are they trying to show that if the world moved to a single currency that the different regions around the globe would still be able to maintain their national sovereignty while operating under a centralized monetary control in the City of London and Wall Street? Well, if so, they have failed.

They have shown such a notion to be ludicrous, a mere pretext for the eventual tyranny of an aloof central authority of self-defining and self-deluding 'superior beings,' whose burden it is to bring order and self-control to the weak minded inferior races.

Inferior races! This is Greece, the cradle of Western civilization. This is the country that stood against the onslaught of the fascists, and bought time for the Allies. This is the nation that was placed under a series of authoritarian puppet regimes by the Truman Doctrine as their thanks. How convenient are our memories.

And this is a nation that has been brought very low, into the spiral of a depression, by the monetary chicanery and neo-colonial vendor financing of Brussels and Berlin, through the puppet governments and Western economic hitmen under which they have suffered for far too long.

This is nothing more than the high water mark of a long trend to the will to power, that is as old as Babylon, and evil as hell.

Social change happens slowly at first, and then all in a rush. We have seen this recently in the States, and the rate of change, when it comes, can be breath taking.

And the things that these hypocrites fear most are being brought about by their clumsy and incompetent pretensions. There is no irony sweeter than the course of history, and human nature.

Le Propriétaire

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The Banks must be restrained, and the financial system reformed, with balance restored to the economy, before there can be any sustainable recovery.

"In the Incarnation the whole human race recovers the dignity of the image of God. Thereafter, any attack even on the least of men is an attack on Christ, who took on the form of man, and in his own Person restored the image of God in all. Through our relationship with the Incarnation, we recover our true humanity, and at the same time are delivered from that perverse individualism which is the consequence of sin, and recover our solidarity with all mankind." Dietrich Bonhoeffer

"A credibility trap is when the managerial functions of a society have been sufficiently compromised by corruption so that the leadership cannot reform, or even honestly address, the problems of that system without implicating a broad swath of the powerful, including themselves.

The moneyed interests and their aspirants tolerate the corruption because they have profited from it, and would like to continue to do so. Discipline is maintained by various forms of soft financial rewards and career and social coercion."

These are personal observations about the economy and the markets. In providing information, I hope this allows you to make your own decisions in an informed manner, even if it is from learning by my mistakes, which are many. As a standing policy I never provide individual investment advice to anyone. I will only occasionally disclose my personal positions for purposes of illustration. Understand that my own circumstances could differ greatly from your own, and therefore what is suitable for me may not be suitable for you. My comments are intended to be reflection on general macro financial and economic events and trends.